This is from the cpnav_vbulletin.xml file:
PHP Code:
<navoption displayorder="40">
<phrase>moderate_events</phrase>
<link>../{$vbulletin->config[Misc][modcpdir]}/moderate.php?do=events</link>
</navoption>
<navoption displayorder="60">
<phrase>moderate_users</phrase>
<link>user.php?do=moderate</link>
</navoption>
I think maybe they forgot the modcpdir directory for that link. Maybe report it as a bug? Or look to see if it's already been reported.